Aug20
The Many Different Types of Credit Cards Part 2
Welcome back to part 2 of The Many Different Types of Credit Cards.
Low rate
A low rate credit card has a low ongoing interest rate on purchases. Credit cards with low interest rates are good for people who typically carry a balance on their card. If you know that you won’t be paying your balance in full each month, then look for a credit card with the lowest interest.
Some credit cards also have a low “introductory rate” or “balance transfer rate”. This lets you transfer a balance from an existing card and pay as low as 0% on the balance for a set period of time, typically from 3 to 9 months. For instance the BankWest Lite MasterCard offers 0% for 9 months on balance transfers. One thing to be aware of with these cards is that the lower interest rate is generally applicable only to balance transfers and a higher interest rate applies to purchases and cash advances.
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